What is CIMB Bank?
CIMB Bank Philippines is a subsidiary of CIMB Group Holdings Berhad, a leading bank in the ASEAN region. The mobile-first bank was established in 2018 in the Philippines and offers a full range of banking products and services to Filipino customers, including deposits, loans, investments, insurance, and wealth management—all digital and fully mobile. This gives underserved and unbanked Filipinos access to personal loans, credit lines, and other financial products.
Personal loan at CIMB Bank, how does it work?
When it comes to getting a personal loan, you may think that your only option is your local bank. However, CIMB Bank offers personal loans with competitive interest rates and terms. Here's a look at how CIMB Bank's personal loan works.
All personal loan applications are done through the CIMB Bank app is available for download on Google Play Store, Apple App Store, and Huawei AppGallery. After creating a CIMB account, you can apply for a personal loan.
You just need to fill out an application form and indicate your desired loan amount and loan term. CIMB will ask for employment information and proof of income document and then proceed with virtual verification.
How much is the personal loan in CIMB?
The amount you can borrow for personal loan in CIMB is P30,000 up to a maximum amount of P100,000. The repayment period can range from 12 to 60 months, depending on the amount you borrow and your credit score.
Interest rates
The CIMB personal loan ranges from 1.12% to 1.95% per month. This corresponds to annual contractual rates of 24%, 30%, or 36%.
How to apply for a personal loan in CIMB Bank?
To apply for a CIMB Bank loan you will have to follow the next steps:
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Proceed to download the CIMB Bank PH app on Google Play Store or Apple App Store.
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Click on CREATE AN ACCOUNT and follow the registration steps.
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Select the option "I NEED A PERSONAL LOAN".
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Fill the online form with your personal information.
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Select the loan amount and payment terms.
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Now you will have to fill another form with employment and emergency information.
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Sign the application with a digital signature.
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Choose your payment method.
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Upload a document with a proof of income.
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Proceed with the steps of virtual verification.
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If the loan is approved you will get an email with the confirmation and details.
In case you are already registered and an active CIMB Bank user you can follow the next steps:
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Login to your profile in the CIMB Bank app.
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Choose PRODUCT.
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Click on APPLY FOR A PRODUCT and choose PERSONAL LOAN.
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Fill the online form with your personal information.
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Select the loan amount and payment terms.
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Now you will have to fill another form with employment and emergency information.
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Sign the application with a digital signature.
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Choose your payment method.
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Upload a document with a proof of income.
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Proceed with the steps of virtual verification.
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If the loan is approved you will get an email with the confirmation and details.
Requirements
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You must be at least 18 years old and not more than 65 years old.
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You must have a working mobile phone.
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You must have a disbursement account. This is where you will receive your borrowed amount. You can use your CIMB Bank account or other banks. You will be charged a disbursement fee if you want your loan to be disbursed to other banks.
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You must have proof of income. Prepare at least one of the following:
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Certificate of Employment
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BIR Form 2316 (W2) – Certificate of Compensation Payment/Tax Withheld.
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Most recent pay slip (1 month)
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You must have a valid ID. This is necessary for background checks and to ensure that you are who you say you are.
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Passport
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Driver’s license
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PRC ID
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UMID
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Postal ID
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COMELEC Voter’s ID
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SSS ID
Loan calculator
CIMB Bank app has a built-in personal loan CIMB calculator that can help you determine the monthly installment for the loan amount and tenure you choose. This will give you an idea of how much you have to pay each month, the interest charged, and how long it will take to pay off your loan amount.
The interest due can be computed based on the following formula:
Total outstanding loan x interest rate x (Tenure of Term Loan in years) / Tenure of Term Loan in months
How long does it take to have the money?
During the application process, you will be asked to indicate a preferred disbursement method. If you choose CIMB Bank, the money will be transferred to your savings account instantly upon approval of your loan application. If you choose to disburse to another bank, it may take two (2) business days to transfer the money after the loan approval. This does not include holidays and weekends.
Personal loan in CIMB Bank, how to pay the loan?
You have the option of paying your personal loan online or over the counter.
For Online Payment:
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Go to the CIMB Bank app.
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Select My Personal Loan from the Product Menu.
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Select Repay My Loan and Pay Via Other Channels.
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Choose Online Payment.
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Select the bank.
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Input the loan repayment amount.
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DragonPay will send you an email with details on how to complete the online payment.
For over-the-counter payment.
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Go to the CIMB Bank app.
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Select My Personal Loan from the Product Menu.
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Select Repay My Loan and Pay Via Other Channels.
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Choose Over-The-Counter payment.
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Select any of the CIMB partner locations.
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Input the repayment amount.
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DragonPay will send payment instructions to your registered email.
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Go to the nearest partner location and pay.
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If paying through Bayad Center, fill out the required form and present to the cashier together with the payment.
CIMB Bank App
The CIMB Bank app is a comprehensive mobile banking solution that allows users to conduct transactions and manage their finances on the go. The app is packed with features that let users check their account balances, view account statements, make transfers and payments, apply for loans, and more.
The user interface is clean and easy to navigate, making it quick and easy for users to get what they need from the app. Additionally, CIMB Bank offers a host of unique features that are not available in other banking apps. Overall, CIMB Bank's mobile app is an excellent option for users who want to manage their finances on the go as it provides an all-digital, mobile-first, end-to-end banking experience.
The app is compatible with Android and Apple OS, as well as Huawei phones. The app can be downloaded from the Google Play Store, Apple App Store, and Huawei AppGallery.
CIMB Bank log in steps
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Download the CIMB Bank app.
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Create a bank account by filling out the digital form.
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Verify your identity by scanning a valid ID and taking a real-time selfie.
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Confirm all the submitted information and documents by signing your digital signature on your phone. Alternatively, you can take a picture of your signature and upload it to the app.
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Once registered, you can use the app for your banking needs, including applying for a personal loan.
CIMB Bank, customer service
Email address: hello@cimb.com
Hotline: #2462 (#CIMB)
Contact number: (+632) 8924-2462
Branches: CIMB Bank Philippines is headquartered in Bonifacio Global City, Metro Manila, and has over 8,000 partner locations all over the Philippines.
CIMB Personal Loan Reviews
Based on several CIMB loan reviews in the Philippines, people who have availed of the CIMB personal loan are generally satisfied with the service and the transaction. Many of the borrowers praise the quick application process, as it is simple and straightforward. They also mention how fast the virtual verification process is, as well as the minimum requirements to create an account.
Borrowers are quite happy with the interest rates because there are no hidden charges. Being able to choose the repayment schedule is a big plus for a lot of users because they have enough time to repay the loans.
Most of the complaints from CIMB personal loan reviews are about the occasional glitches on the app, preventing users from completing their transactions.
Have you used the personal loan in CIMB Bank? Share your experience here.